PolyOne Corp. (POL) named Chief Financial Officer Robert M. Patterson to a newly-created chief operating post, where he will head the company's operating and strategic planning efforts.
Patterson, 39 years old, has worked as the plastic compounder and resins distributor's head financial officer since joining the company in 2008. Prior to PolyOne, he worked in executive capacities at aluminum product producer Novelis Inc., first as controller and chief accounting officer, then as treasurer.
"I'm extremely pleased that Bob will be leading our businesses as COO. He has the business acumen and leadership qualities that will make him successful in this new position," said Chairman and Chief Executive Stephen D. Newlin.
The company has hired Richard J. Diemer, 53 years old, to replace Patterson as chief financial officer. Diemer has previously held lead financial roles at both public and privately-held businesses, including Honeywell International Inc.'s (HON) specialty chemicals business.
PolyOne last month reported a core fourth-quarter profit that exceeded analyst expectations, with particular strength seen in its performance and distributions businesses.
Shares closed Friday at $13.19 and were inactive in premarket trade. The stock is up 14% since the start of the year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; firstname.lastname@example.org